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Posted 12 October 2015
Category: Strata, Strata Reform
For property investors owning or looking to purchase strata property, it’s paramount to be abreast of the latest laws affecting strata titled property. The New South Wales Government has released its draft bill proposing new strata laws. These propose numerous changes, some of which are so important as to change the strata landscape and hence affect investment decisions. As an investor, the key is to make “informed decisions”.
In order to provide you with a clear understanding of the issues under review and subject to possible change, and to clarify the impact these proposed changes could have on you as an existing or new strata title property owner, we’ll talk about each and every one of the areas under review over the coming weeks.
Today, I want to give you a snapshot of the key things under review and introduce you to the context of the proposed changes. However, rest assured, we’ll cover all of them in detail.
The proposed strata law reform includes the following:
For property investors, these changes have the potential to make life better or worse, depending largely on how well you understand and can work with these changes. Investors should obtain legal advice about these issues before purchasing an investment property or, if you already own strata property, it’s recommended you look into these with a suitably qualified professional.
***The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way.
By David Bannerman
12 October 2015
Author: David Bannerman
Source: Australian Property Investor
Publication: Australian Property Investor
Section: API Online